Gold recovers faster in Nepal

Demand for gold has doubled in Nepal due to massive drop in prices last week and the advent of the wedding season.

KATHMANDU(BullionStreet): Gold prices recovering faster in Nepal but not in accordance with global prices or those fixed by two umbrella bodies of gold jewelers in the country.

Analysts said gold prices has been increasing at an average of around Rs. 500 per tola (11.664 gm) almost every day since last Friday following the price fluctuation in the international market.

As a result, the price of the precious metal in the domestic market increased by Rs. 499 per tola to Rs. 51,999 per tola even on Thursday following an increase in the international market, according to Nepal Gold and Silver Dealers’ Association.

Similarly, the bullion market witnessed upward trend since the beginning of the trading day this week as price had increased by Rs. 500 per tola on Sunday, Rs. 300 per tola on Monday Rs. 200 per tola on Tuesday and Rs. 500 per tola to Rs. 51,500 per tola in the domestic market on Wednesday.

After the massive fall in the price - by Rs. 3,300 per tola on Monday and Rs. 3000 per tola on Tuesday last week - gold the price has been continuously increasing

Gold price jumped by Rs 500 per tola (11.664 grams) in the domestic market on Thursday, making it Rs 52,000 per tola.The precious yellow metal was traded at Rs 51,500 per tola on Wednesday.

Demand for gold has doubled in Nepal due to massive drop in prices last week and the advent of the wedding season.

Nepal's daily demand for gold at present hovers around 60 kg, up from average daily demand for 30 kg.

The gold wholesalers at the local bullion market have started charging own-money of Rs 500 to Rs 1,000 per tola from retailers citing shortage of gold.

The fall in gold prices is found of no benefit to the customers as wholesalers after creating artificial shortage of gold started charging premium on per tola from Rs 500 to Rs 1,000 from retailers.